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that is to say the expiration of the tax cuts pretty much take care of our intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we can do it. we need the public to rain and behavior that's destructive and we need political leaders to act forcefully. given enough to bipartisan commissions and searched enough for bipartisan consensus. for sensible hard all politics along these lines. >> norm, i particularly cutie take the money question. a couple political had a great shared that showed that party polarization in congress was directly correlated with increasing concentrations of wealth from increasing equality went together artisan polarization. and the money question you can handle so many different ways. i'm really concerned
that is to say the expiration of the tax cuts pretty much take care of our intermediate deficit problem and implementation of the cost saving measures strengthened over time in the aca will deal with their long-term health care problem. so we are not that far away and we have other tremendous strengths in our country that would allow us to make the kind of investment to transform the economy, to do with the reality of stagnant wages and a sense of diminished opportunities. we have strengths. we...
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Dec 28, 2012
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we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program.
we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i...
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Dec 29, 2012
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but since everyone understands if you are serious about the deficits and the debt you don't begin our program they've and imagine how you are going to sort of put that together in the end. and so, i think that is a sort of fundamental difference. democrats are protective, and therefore their political incentives are to play the same hardball with permanent campaign hardball, they are not prepared to put at risk the full faith and credit of the united states. they are not prepared to shut the government down. they just won't do that because they believe the government plays an important role. conservatives, real conservatives want the government that they have, and not a bit more that they need, but they are not wild and crazy about just dumping on that. and i think we have -- it is almost a radical perspective, not a conservative perspective. again, it is one that is much more protective of the government, and i think the difference is real. >> i want to threw out a theory we may not want to go after the hash tag triet 1 feet. it's all bill clinton's be fivefold, and starting in the 1
but since everyone understands if you are serious about the deficits and the debt you don't begin our program they've and imagine how you are going to sort of put that together in the end. and so, i think that is a sort of fundamental difference. democrats are protective, and therefore their political incentives are to play the same hardball with permanent campaign hardball, they are not prepared to put at risk the full faith and credit of the united states. they are not prepared to shut the...
WHUT (Howard University Television)
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Dec 28, 2012
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how is it we can be talking about tax cuts at the same time we have this massive deficit? we are getting the american people to believe we can cut taxes, increase military spending, and balance the budget. that is kind of what they talked about during the reagan administration and ended up with a huge hidden deficit, beginning to bloom once the administration's came in. we have to change our economy. we have to emphasize job creation. and then investors can come back in and you can start to see consumer confidence building. but right now we are limping as a nation. our politics are being translated into some kind of punch and judy show between democrats and republicans. we don't need that. we have got to help real people. we have to keep people in their homes, did not only unemployment benefits passed the people back to work. why are we not emphasizing that? that is why this whole debate about the fiscal cliff, as steve baker says, has elements that are commerical. >> congressman, in your response, you link the war machine to the battles at home over domestic spending. cou
how is it we can be talking about tax cuts at the same time we have this massive deficit? we are getting the american people to believe we can cut taxes, increase military spending, and balance the budget. that is kind of what they talked about during the reagan administration and ended up with a huge hidden deficit, beginning to bloom once the administration's came in. we have to change our economy. we have to emphasize job creation. and then investors can come back in and you can start to see...
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Dec 29, 2012
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still looking at trillion-dollar deficit. that just goes to show spending cuts. right now we don't have them. talks about them and there is accounting fuzzy math going on but there is not any serious entitlement reform. we can't just wait and talk about that in january. needs to be included in any package before we go forward. >> you know, juan, the point she is making when we talk about spending cuts. basically a guy pulling the olives off a meat lover's pizza and saying he is on a diet. something so incidental and ignoring this huge huge problem this black hole that is spending. it's true. we are going nowhere. >> no, i disagree. you know what? >> you like picking the olives off. that's you and spending cuts. >> not only that i like it when the an chofs because then getting lot of antioxidants with my pizza and i feel good about eating the pizza even though i'm bloated. when you look at the reality. alice says the president hasn't put any spending on the table. wrong, the president has left wing face furious with him, alice, because he said we will will put the
still looking at trillion-dollar deficit. that just goes to show spending cuts. right now we don't have them. talks about them and there is accounting fuzzy math going on but there is not any serious entitlement reform. we can't just wait and talk about that in january. needs to be included in any package before we go forward. >> you know, juan, the point she is making when we talk about spending cuts. basically a guy pulling the olives off a meat lover's pizza and saying he is on a diet....
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Dec 23, 2012
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i don't believe republicans care about the deficit as the deficit. none of their behavior indicates that. and i mean, they're behavior during tr go. works bush years and the behavior i just indicated where they revoked $500 billion in cuts. it's fine to say it's not the deficit. they care about things like reducing made care over the ling longrun or they don't like the fact the entitlement state is making people -- what are the actual principles at play here in these negotiations? i am confused. >> i think that republicans do care about the denver sit. i think they care about spending more than the deficit. >> well put, i agree. >> and i suspect that if you were to poll the republican caucus on the hill, there is a overwhelming majority of people that say -- the country is lived beyond its means and somehow, somewhere, we have to get it under control. the way to do that, obviously, is where the money is being spend which is entitlement programs. as a political matter nobody wants to talk about cuts. i agree with you. we talk about bending the curve.
i don't believe republicans care about the deficit as the deficit. none of their behavior indicates that. and i mean, they're behavior during tr go. works bush years and the behavior i just indicated where they revoked $500 billion in cuts. it's fine to say it's not the deficit. they care about things like reducing made care over the ling longrun or they don't like the fact the entitlement state is making people -- what are the actual principles at play here in these negotiations? i am...
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several times before. it was really a similar debate to what we had in 2008. we had the same debate in 2010. we had a similar debate in 2011 when we were dealing with the debt ceiling issue the first time around. and we dealt it with it in the last election. and the differences have always been that president obama has maintained that tax cuts should be allowed to expire for people making more than $250,000. mitt romney called for extending all the tax cuts fully. and making other changes to the tax code. but, you know, i mean, he wouldn't be in o
is in the white house, deficits don't matter. can you tell us a little bit about the philosophies of the two candidates? well now, the president and the ex-candidate. will the situation be that much different if there was a different man in the white house? guest: well, look, it's an interesting question. it is certainly true that tax policy was one of the key sort of issues in the last election. and actually, the debate that we're having if it sounds familiar, it's because we've had it several...
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that is where we need to go in terms of reducing the deficit. guest: that is true, we to cut spending, but there is some conflicting of a couple issues. we to cut long-term spending on retirement programs to make them more in line with economic growth, not make them grow that much more quickly than economic growth. all the things that the republican house has passed, cuts, have the discretionary spending and non-defense discretionary spending. so i think it is true you have to be serious about long-term mandatory spending reductions, but you cannot get their only by spending -- reducing spending. you have to do something on taxes. really, plan b was about tax cuts, not spending. it seems to me the only with the republican party will get major spending cuts passed is it they also agreed to new revenue. otherwise, the president cannot be out there continually only cutting spending while leaving all of the bush-ever tax cuts in place. host: let me share with you what family pet rich writes. she says it is almost certain that social security will be
that is where we need to go in terms of reducing the deficit. guest: that is true, we to cut spending, but there is some conflicting of a couple issues. we to cut long-term spending on retirement programs to make them more in line with economic growth, not make them grow that much more quickly than economic growth. all the things that the republican house has passed, cuts, have the discretionary spending and non-defense discretionary spending. so i think it is true you have to be serious about...
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and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, everyone, the lower income, the middle income, the high income, would pay, say 20% on every item they purchase, every item, to the federal government. that is what the europeans do to afford these big governments. gregg: what would it do? >> say that again? gregg: what would it do? >> that, that what would happen is, we were turn into europe. we all see it. we see greece, and spain and italy, and france. they all grow slow of the they have extremely high unemployment rates. we would have a slow economy and high unemployment forever if we taxed ourselves like that. gregg: all right. >> this idea that somehow you can't tax the middl
and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, everyone, the lower income, the middle income,...
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they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would have asked different questions than were asked. that is one of the reasons we got where we are. >> could you have been any more vocal about appropriations? >> i was vocal. when i got on the appropriations committee, i became chairman of the legislative branch. that is everything, all of the buildings. office buildings, 1700 capitol police forces, and all of their help, support staff. i held the growth flat. then we cut it by almost 5%. this time around, we let it grow a little bit higher. protect the dome so it did not fall in.
they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would...
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and so the deficit increased rather than declined. so it went from 220 billion in 1990 to 269 billion in 1991, 290 billion in 1992. i think that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come forward with entitlement cuts that were enough to actually counteract some of those tax increases. could we be seeing the exact same thing today? >> well, yes. for example, one big tax increase in the obama tax increase package is the capital gains tax rate is going to go up 58% on the higher income taxpayers. and so now in the last 50 years, every time the capital gains tax rate has been raised, capital gains revenues have declined rather than increased. and every time the capital gains tax rate has been cut, capital gains revenues increased rather th
and so the deficit increased rather than declined. so it went from 220 billion in 1990 to 269 billion in 1991, 290 billion in 1992. i think that's directly relevant today because i think the obama tax increases are more likely to lose revenue rather than to gain revenue. for example -- >> clayton: we know what happened with president george h.w. bush, read my lips, no new tax and ended up going forward with some of those tax increases to part of the negotiation and democrats didn't come...
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the president in addressing a deficit added $1.6 trillion in new spending. gregg: yeah. >> so who are we joking right now? the president has never taken the spending side of this equation seriously, which is why we don't have a deal. republicans have put their necks on the line supporting new revenues, the president's not coming through. gregg: senator barrasso said the president does want to go over the cliff, because he wants to punish republicans. is there something to that? >> i don't think there's anything to that, but the reality is that if he wants to get anything done, he has two options. he either breaks the republicans on taxes, or he breaks the republicans. i read that somewhere, and i thought it was a fantastic quote. but i do think that he is going -- i don't think any of us want to see the country go off the cliff. gregg: maybe he just didn't think $16 trillion in debt is a big deal, basil? >> i think he thinks it's a big deal if we go off this cliff. we're talking about two million folks that will not get unemployment anymore, i don't think an
the president in addressing a deficit added $1.6 trillion in new spending. gregg: yeah. >> so who are we joking right now? the president has never taken the spending side of this equation seriously, which is why we don't have a deal. republicans have put their necks on the line supporting new revenues, the president's not coming through. gregg: senator barrasso said the president does want to go over the cliff, because he wants to punish republicans. is there something to that? >> i...
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the bad news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make
the bad news is i don't think it many will have meaningful deficit reduction. i think this is just going to keep dragging on and on. >> in your book, you advocate for raising the capital gains tax, which could make wall street owe a lot more money than it does now. >> yes. right. >> that's discussed as part of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i...
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but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any idea of what could happen to the economy or stock market as a result of congressional inactivity? >> well, yeah. the cb. off and many private economists say that the $600 billion in fiscal tighting, as you say would push the economy into recession next year and send the unemmoment rate to back above 9%. a survey of investment managers found 60% of the them see a drop in the dow industrials of 10% or more if the cliff is not avoided. kelly? kelly: boy, that is very ominous. peter, thank you. hopefully something can be done. peter barnes. jamie: another extreme w
but, if you're a deficit hawk, you might be happy with this news. the congressional budget office estimates that with all of these new tax revenues, plus those mandatory spending cuts kicking in january 1st, that would all cut the deficit in half next year to about $600 billion. kelly? kelly: we would go through this for about half a year. then there's a talk among some people, that we would actually rebound at the end of six months or so. but that is a lot of pain to go through. is there any...
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i'm not a deficit hawk. people on both sides do bothwell. i don't understand the fuss about raising the age qualification for social security are medicare. and plead with the caps -- simply lift the caps. franklin roosevelt to not want to be called a socialist. if we just lived in those caps, we would delay -- i can remember the exact numbers. for several decades, anyway. i think that would be less painful than raising the qualified age. medicare is the toughest because of health care costs have been skyrocketing. our country's health care cost is rising faster than any other industrial nation. we don't have much coronation. obamacare had to be cobbled together to appease everybody. we have it and we should be focusing on ways to make our health care more efficient and i think we will. these are all tough problems but they need to be handled. being president is like playing three-dimensional chess. maybe four dimensions. caller: thank you, c-span. is the last year, didn't the president give over $1 trillion in cuts? the caller blamed him for
i'm not a deficit hawk. people on both sides do bothwell. i don't understand the fuss about raising the age qualification for social security are medicare. and plead with the caps -- simply lift the caps. franklin roosevelt to not want to be called a socialist. if we just lived in those caps, we would delay -- i can remember the exact numbers. for several decades, anyway. i think that would be less painful than raising the qualified age. medicare is the toughest because of health care costs...
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brianna keilar, realistically can there be a grandiose bill that will attempt to solve our spending, deficit problem, with the overall framework? or talking about a band-aid? >> personally, i don't think we'll get the big plan in the next six days. it would be great if we could. >> the whole enchilada. but at least if we can get an appetizer -- no, seriously. if we can get assurance that realistic work is being done to provide tax relief, regulatory relief. the two big laws passed previously in 2010. affordable care act, well intentioned, very costly and those are posing problems too. >> earlier this week, we spoke with grover norquist. you signed the pledge not to sign taxes. >> i did. >> he supported speaker boehner's plan "b" and said it wouldn't violate his pledge. here's what he told us earlier this week. listen. >> i think in fact, plan "b" is a good step to protecting tax cuts for everybody. >> if you look at current law, current law says as we all know, part of the fiscal cliff '01, '03 tax relief measures will expire on january 1st. at this point, everybody's taxes go up. we all kno
brianna keilar, realistically can there be a grandiose bill that will attempt to solve our spending, deficit problem, with the overall framework? or talking about a band-aid? >> personally, i don't think we'll get the big plan in the next six days. it would be great if we could. >> the whole enchilada. but at least if we can get an appetizer -- no, seriously. if we can get assurance that realistic work is being done to provide tax relief, regulatory relief. the two big laws passed...